For example, it has led to a loss of economic sovereignty. Once a country became a member of the Eurozone, national central banks as well as the Bank of England lost their ability to use interest rate guidelines to achieve sovereign macroeconomic objectives (James, 2012). Due to the global recession and financial crisis, countries affected by the recession, such as Greece, have not been able to unilaterally reduce their interest rates. Furthermore, many European countries have failed to fully unite with the Eurozone due to difficulties in convergence. In the United Kingdom, for example, convergence is not easy due to the exclusivity of its financial services sector and its real estate market and the proximity of its business cycle to that of the United States. Additionally, the UK labor market is extremely flexible compared to France and Spain, making convergence difficult.